Surgery Center of Gilbert enters into Strategic Partnership with Atlas Healthcare and Banner Health
Engaging PTA after offers had been submitted results in a significant increase in valuation
Mesa, AZ: Physician Transaction Advisors (formerly ASCs Inc.) is pleased to announce that its client, the Surgery Center of Gilbert (“SCG”), has entered into a joint venture with Banner Health, a leading hospital system, and Atlas Healthcare Partners, which specializes in the development and management of surgery centers.
The physician partners and administrator of this large multi-specialty center had already spent significant time with prospective partners and had received offers from several groups before asking Physician Transaction Advisors (PTA) to review the current situation and provide insight. PTA was engaged on a risk-free basis to fully vet the opportunities, see if there was the ability to improve on the offerings, ensure SCG secured best pricing and terms, and guide SCG through the complex and time-consuming QoE (Quality of Earnings) and due diligence processes.
“After meeting with the physicians, it was clear that they did not want to risk alienating prospective partners who had already committed a great deal of work to formulating a transaction, and they did not want to do anything that would negatively impact their progress,” states Jim Freund, Managing Partner of PTA. “From our perspective this meant collaborating with prospective buyers while making SCG aware of the competitive process, putting together and providing them with a supportable pro forma, and creating an exceptional outcome for our client and a true win-win for all parties.”
Despite engaging PTA late in the transaction process after offers had been received, PTA was able leverage deep transactional expertise to help SCG realize a significantly improved valuation.
“The credibility that we have with buyers, our experience in managing hundreds of similar transactions, and the value we were able to bring to both our client and Atlas/Banner through this process made for a partnership that brings great value to each organization,” added Stephanie Tarry, Senior Partner with Physician Transaction Advisors.
Patients will not experience changes with the doctors they trust or the services they rely on from SCG. They will benefit from greater access to the latest surgical and medical advances, as well as additional resources and investment in advanced technologies.
About Banner Health
Banner Health is one of the largest, secular nonprofit health care systems in the country. In addition to 30 acute-care hospitals. Banner’s array of services includes a health-insurance division, employed physician groups, outpatient surgery centers, urgent care locations, home care and hospice services, retail pharmacies, stand-alone imaging centers, physical therapy and rehabilitation, behavioral health services, a research division, and a nursing registry. Headquartered in Arizona, Banner Health also has locations in California, Colorado, Nebraska, Nevada, and Wyoming. For more information, visit www.bannerhealth.com.
About Atlas Healthcare Partners
Atlas Healthcare Partners specializes in the development and management of ambulatory surgery centers (ASCs) in a joint venture model with health systems. With the health system, physicians, and Atlas fully aligned and integrated, all parties benefit from a fully vested stake in both the financial growth and outstanding care a joint venture partnership offers. For more information, visit www.atlashp.com.
About Physician Transaction Advisors (formerly ASCs Inc.)
The industry leading team at Physician Transaction Advisors have represented the best interests of the physician-owners and executives of more than 300 group practices and surgery centers who are considering a strategic partnership. We are unique in that our trusted team of career outpatient healthcare leaders leverages our decades of combined experience, knowledge, and the expertise gained from successfully completing more than 300 transactions to ensure their clients realize the best financial and non-financial outcomes with their risk-free process. For more information, please visit www.healthcarePTA.com.
